No Matter The Bitcoin Price Rally Or Crash, Exchanges Are Stocking Up On Billions Worth of BTC
A Twitter account has recently claimed that almost 7% of all the Bitcoin circulating in the market is stored in eight significant cryptocurrency exchanges' wallets. The popular crypto-Twitter commentator, The Token Analyst, posted this information just recently.
Exchanges HODL the Bigger Percentage
The post on October 8 by the Token Analyst noted that the quantity of BTC that is held by crypto exchange wallets is rising every day. The Analyst's account, which has a massive following on Twitter, estimated that around 1.2 million coins are kept in the wallets of about eight cryptocurrency exchanges. The owner of the account provides the followers with historical crypto and blockchain data and also the real-time news on cryptos.
The Analyst is calling these crypto wallets the biggest HODLers. Accompanied by his tweet is a graph that shows Huobi Group is the leading crypto exchange wallet that HODLs the most Bitcoin. Then the second place is hotly contested by BitMEX and Binance.
HODL – a common old crypto term
It is among the most popular vocabulary in the crypto community. The name is marking its yearly birthday party on December 18. This word was born on Bitcoin Talk around six years ago at a time when Bitcoin was crashing when it was rallied to get to $1,000.
Bitcoin's Price Motion
The top 20 digital currencies have been showing mixed signals. This is after Bitcoin's struggle to remain above $8,000 according to data from CoinMarketCap. However, Cheds, a CNBC crypto analyst, tends to think that the price might continue to rise.
Bitcoin was, however, able to maintain the $8,000 threshold throughout yesterday, getting to highs of $8,355 and hit a low of $8,157.
Reactions from Altcoin Market
Ether has dropped by 0.12% to $182.28, while XRP has gone down to $0.277220. Bitcoin Cash has also plunged by 1.08%, and it is currently trading at $232.72 at the time of writing this article. Tether has gone up and now trading at $1.01. EOS has gone down by 0.50% and trading at $3.17 while Litecoin trades at $57.61, which is a drop by 0.27%.